Rate Hike Can’t Stop Soaring Stocks

Stocks continued their torrid pace Tuesday as all major indices rose despite a hike in interest rates.

internet.com’s Internet Stock Index jumped 30.84, or 4.82 percent, to
670.63, the Nasdaq Composite climbed 73.53 to a record 3,293.07 and the Dow
Jones industrial average leaped 171.58 to 10,932.33.

As widely expected, the Federal Reserve hiked the fed funds rate — the rate banks charge each other for overnight loans to cover government-mandated asset requirements — by a quarter point to 5.5 percent. Fed governors did lift their bias towards tightening which makes it less likely subsequent rate hikes will be implemented before year’s end.

Amazon.com Inc. (AMZN)
rose 5-7/16 to 78-15/16. In a 10-Q filing, the company indicated that
it is close to profitability in its book division.

Stamps.com (STMP)
surged 18-1/2 to 71-3/4. The company announced the establishment of a
new subsidiary, called EncryptTix. The division will specialize in secure,
authenticated online printing of tickets, vouchers and certificates, such
as for the travel and financial industries. .

Esoft (ESFT)
surged 9-3/8 to 17-1/2. The company, which develops software
applications for Linux, received an investment from Intel (INTC)
.

NetZero (NZRO)
rose 3/4 to 25-1/4. The company purchased AimTV, which allows for
full-motion broadcast of Net commercials.

E.piphany Inc. (EPNY)
rose 45-1/4 to 157-3/4. The company, which focuses on online customer
service, purchased RightPoint, which is a provider of customer
communications tools.

As for the Net leaders, Yahoo! (YHOO)
ended up 7-9/16 to 212-9/16, Priceline.com (PCLN)
climbed 8-13/16 to 68-3/4, Doubleclick Inc. (DCLK)
gained 7-9/16 to 163-9/16, Exodus Commuications (EXDS)
closed up 15-11/16 to 108-9/16 and Go2Net
Inc.
(GNET)
added 1-15/16 to 76-3/8.

Also climbing were Starmedia Network
Inc.
(STRM)
up 5-1/4 to 37-1/2 and 24/7
Media
(TFSM)
up 4-5/8 to 55-3/4.

Juniper Networks (JNPR)
soared 45 to 328-1/2 after announcing a 3-for-1 stock split.

Real Networks Inc. (RNWK)
jumped 23-3/8 to 159-3/8. The company will join the Nasdaq 100 on
Nov. 22.

American depositary receipts of China.com (CHINA) jumped 25-13/16 to 127 on news that the United States and China
had signed a World Trade Organization pact making the Asian nation a WTO
member. In the past Chinese officials had declared bans on overseas
investments in Chinese Internet properties. The new deal will reportedly
remove that concern.

On the IPO front, Quintus Corp. (QNTS)
shot-up 37 to 55. The company is a leading provider of online customer
service. The lead underwriter was Donaldson, Lufkin and Jenrette.


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